This is my final Annual Report as your Chair before standing down from the Board in June 2023, having served on the Board since 2014. It has been an enormous privilege to be your Chair and as I look back on the last nine years it is gratifying to reflect on the transformation in business performance that our colleagues have achieved.
Over that time, through innovation and judicious investment, the Group has repositioned into new growth markets of clean energy, clean transportation, healthcare and semiconductors. At the same time, margins have increased from low single digits to very respectable mid-teens with a trajectory of further improvement.
"I would like to say a huge thanks to all our colleagues, customers, suppliers and investors for their continuing commitment and support to Morgan."
Douglas Caster CBA FIET, Chairman
Our 2022 Performance
We delivered robust revenue growth in 2022 reflecting growing markets and the benefits of our strategy. Despite the well-documented supply challenges and disruptions, we successfully worked with our customers and suppliers to maintain operational service levels. That is particularly pleasing given the extent of supply chain deficiencies, unprecedented inflation on input costs and challenges in labour supply.
"I strongly believe that the next phase of our strategy, whilst including stretching targets for our environmental performance and focus on our people and their safety, supports Morgan’s purpose to use advanced materials to make the world more sustainable, and to improve the quality of life."
Douglas Caster CBA FIET, Chairman
Safety at Morgan
Supporting the executive team, your Board has spent a significant amount of time discussing how safety performance and culture can be improved. These discussions have emphasised a more holistic approach to safety, and this now encompasses greater focus on the wellbeing of our people. My fellow non-executive Directors and I will continue to support the executive team to achieve a position of ‘zero harm’.
A Sustainable Future
We are continuing to work to reduce the Group’s environmental impact. I am pleased by the progress we have made this year and the opportunities we have identified for the future. Not only are we making our manufacturing processes more efficient and reducing our CO2e emissions, but more importantly our products, which have properties to withstand heat and endure other extreme environments, assist our customers in reducing their environmental impact, either by lasting longer or improving the efficient use of resources.
Looking forward to 2023
I am incredibly grateful for the hard work and dedication shown by our teams in responding to the cyber security incident we experienced in January 2023. We are confident that continued focus on the strengths of the business, underpinned by our resilient balance sheet and the efficiency and productivity gains related to our restructuring programme will support the further successful progress of the Group in the years ahead.